Karen Snow Nasdaq, Inc.
Good morning and good afternoon, everyone. I'm Karen Snow, Head of East Coast Listings and Capital Services here at NASDAQ, and I'm pleased to be here today with Thomas Peterffy, who's the Founder and Chairman of Interactive Brokers Group. Just a reminder, if you have any questions, please submit them through the questions section on the right panel of your screen, and we'll be fielding those at the end of the presentation.
大家早上好、下午好。我是 NASDAQ 东海岸上市与资本服务部主管 Karen Snow，非常高兴今天与大家一起，欢迎 Thomas Peterffy，他是 Interactive Brokers Group（盈透证券集团）的创始人兼董事长。提醒大家，如果您有任何问题，请通过屏幕右侧的问题面板提交，我们将在演讲结束时进行答疑。
So Thomas, let's go ahead and get right into it.
那我们直接进入正题吧，Thomas。
Thomas Peterffy Founder & Chairman
Let's go.
来吧。
Karen Snow Nasdaq, Inc.
All right. Here we go. So some companies have struggled during the pandemic, while Interactive Brokers' business was strong and really has remained so. And you recently stated in your long-term annual account growth will be about 30% going forward, which is above the high teens that you were experiencing before the pandemic. So can you talk a little bit about how things have changed? And why you're so confident on a go-forward basis?
好的，那我们开始吧。一些公司在疫情期间举步维艰，而 Interactive Brokers 的业务却表现强劲，并持续至今。你最近表示，未来公司账户的年增长率将保持在约 30%，这一水平高于疫情前“十几”的增长区间。你能谈谈这期间发生了哪些变化？以及为什么你对未来如此有信心？
Thomas Peterffy Founder & Chairman
Well, as we go through with this interview, it will become apparent why I'm so confident. So I think if you just get into your questions, it will come up. So your -- yes, go ahead. Sorry.
嗯，随着我们访谈的进行，为什么我会如此有信心这一点会变得很清楚。所以我建议你继续提问，答案会逐步显现的。你请继续——不好意思打断了。
Karen Snow Nasdaq, Inc.
Yes. So the first would be where is the growth really coming from? Where are you seeing it? Is it from particular regions, types of customers, new products, advertising?
好的，那首先是增长到底来自哪里？你们看到的增长主要体现在哪些方面？是特定地区、客户类型、新产品还是广告带来的？
Thomas Peterffy Founder & Chairman
So where is the growth coming from? It is coming from East and West Asia, from the Middle East, from Eastern Europe, from Western Europe, from South America and from North America. So it's basically coming from all over the world, all regions. Particular regions, I really don't want to talk about particular regions. We learned from our experiences on how they change as we move over the globe from region to region. And this knowledge is a very important competitive advantage for us.
那么增长来自哪里？它来自东亚和西亚、中东、东欧、西欧、南美和北美。也就是说，增长来自全球各个地区。我不太愿意谈具体的某个区域，因为我们在不同地区积累了很多经验，了解它们如何随着市场演变而变化。这种知识对我们来说是一项非常重要的竞争优势。
So we strive to become better at serving our customers. We provide them the most sought after research tools, products and trading tools and overall service by region and by customer type. So this accumulated knowledge that we end up with is an important competitive advantage and we don't want to share it.
我们一直在努力提升客户服务能力。我们会根据地区和客户类型，提供他们最需要的研究工具、产品、交易工具和综合服务。这些长期积累的知识构成了我们的关键竞争优势，我们不愿轻易对外公开。
About products, continuously introducing new products and tools is, of course, very important to us, which is our standard operating procedure to build and introduce new products and to advertise them. We prefer to advertise concrete advantages, for which people should come to IBKR rather than the brand. I think you only advertise the brand when you have nothing else to offer.
至于产品，持续推出新产品和新工具对我们当然至关重要，这是我们的标准操作流程——不断开发新产品并加以推广。但我们更倾向于宣传具体的优势，让用户因为实际利益选择 IBKR，而不仅仅是品牌。我认为，只有在你没有别的可以提供的时候才去打品牌广告。
We have recently introduced crypto, the IMPACT app, and just last Tuesday, 2 days ago, a new research tool for global analysts. They all have their independent ad campaigns. We want potential customers to know that we are building new tools and products for them all the time.
我们最近推出了加密货币交易、IMPACT 应用程序，以及就在本周二（两天前）推出了面向全球分析师的新研究工具。这些产品各自有独立的广告宣传。我们希望潜在客户知道，我们始终在为他们打造新的工具和产品。
Karen Snow Nasdaq, Inc.
That's great. So when you think about your growth, is there any way that you can break out what's been COVID-related versus long-term factors? Or how do you think about that?
很棒。那么在你看来，这些增长当中是否可以区分哪些是受疫情影响的，哪些是长期趋势推动的？你是如何看待这点的？
Thomas Peterffy Founder & Chairman
So I really -- I don't think about COVID related. I only think about things I can do something about. So growth above outside factors such as COVID, et cetera, that's what is under our influence, and that's what we try to maximize. So the growth is the first and most important -- sorry, it's the second most important factor in -- among our considerations.
坦白说，我并不会去考虑疫情相关的因素。我只关注那些我可以掌控的事情。疫情这种外部因素之外的增长，才是在我们影响范围之内的，也是我们努力要最大化的部分。增长是我们考虑的第一要务——更准确地说，是第二重要的因素。
The first and foremost important factor is building the platform of choice for the hardest working and most successful investors. So people may see our name advertised. But most new customers who come to us are -- come to us because they are encouraged by word of mouth. So when we grow faster, we know that we are doing well by our customers, and they are recommending us.
最重要的事情，是打造一个能让最勤奋、最成功的投资者选择的交易平台。人们也许会看到我们的广告，但大多数新客户是通过口碑推荐而来的。当我们的增长更快时，我们就知道是客户认可了我们，并愿意把我们推荐给他人。
We are comfortable projecting a 30% rate of growth forward indefinitely because that's what we do all the time, we work on that. So we're very -- we have a definite plan, and we are going to work our way through. And we will keep growing minimum 30% of the year for many years to come.
我们很有信心将年增长率长期维持在 30%，因为这正是我们一直在做的事，也是我们持续投入努力的方向。我们有清晰的计划，并会一步步去实现它。未来很多年里，我们都会保持每年至少 30% 的增长。
Karen Snow Nasdaq, Inc.
Great. That's fantastic. So let's switch to trading for a minute. And it's been an incredible year for trading. You've seen some really elevated levels. As people have started to return to work and travel, are you -- what are your volumes? Like What are you seeing in the marketplace?
太棒了。那我们转到交易方面聊一聊。今年对交易市场来说是非凡的一年，整体交易活跃度非常高。现在人们开始逐步恢复工作和旅行了，你们目前的交易量如何？你怎么看当前市场的表现？
Thomas Peterffy Founder & Chairman
So I do not know about this COVID stuff. What I do know is that the better products and tools that we provide to our customers, a greater chance that we will have to grow their account with us. That is our business. I mean, in some years, we do better than others. But overall, the business will grow with our customers.
关于疫情的影响我不太清楚。我只知道，我们向客户提供的产品和工具越好，他们在我们这里的账户就越有可能增长——这就是我们的业务。某些年份我们表现会更好一些，但总体来说，我们的业务会随着客户的成长而成长。
The fact that we have all 3 types, individual customers, fund managers and investment advisors, is an advantage because as the diversity and the kinds of orders we get from our customers increases, it is easier for us to find institutional investors to take the upper side of these orders. This way, we reduce our customers' execution cost, and that is one of the most important ways we can increase our clients' returns.
我们拥有三种客户类型：个人投资者、基金经理和投资顾问，这是一种优势。因为客户订单类型越丰富多样，我们就越容易在机构投资者中找到合适的一方来撮合交易。通过这种方式，我们能降低客户的执行成本，这也是我们提升客户收益的最关键方式之一。
Karen Snow Nasdaq, Inc.
Okay. So with the influx of social media and younger retail investors, 0 commissions, Robinhood, I think it's generally been good for the industry. But can you talk a little bit about younger investors, how they may have changed the behavior, recently? And are you anticipating what that will look like for the longer term?
明白。随着社交媒体和年轻散户的大量涌入，以及 Robinhood 等零佣金平台的出现，我认为整体对行业是有利的。但你能否谈一谈年轻投资者最近可能带来的行为变化？你是否预见这种趋势在长期会是什么样子？
Thomas Peterffy Founder & Chairman
So younger investors are good for the industry and they are good for the world. By following stock prices, young people benefit and begin to understand how corporations work. They begin to understand how corporations are constantly looking for ways to appeal to them as consumers and as investors. They can see that it is the people, the consumers, the investors who drive the economy as long as the government lets them.
年轻投资者对这个行业、对整个世界都是好事。通过关注股价，年轻人可以从中受益，并开始理解企业是如何运作的。他们逐渐明白，公司始终在寻找方式来吸引他们，既作为消费者，也作为投资者。他们会意识到，只要政府允许，真正推动经济的是人民——是消费者，是投资者。
Now zero commissions is a different matter. It just misleads customers by making them think that they are paying 0 transaction cost, which isn't true. This is especially not true for European customers where U.S. stock trading in dollars comprises over -- well over 80% of the trading volume. Brokers like DEGIRO are introducing 0 commissions for U.S. stock trades.
但“零佣金”是另一回事。它误导客户，让他们以为交易是完全免费的，这根本不是真的。尤其对欧洲客户来说并非如此，他们交易中有超过 80% 是以美元进行的美股交易。像 DEGIRO 这样的券商开始对美股实行零佣金政策。
This is especially insidious because in addition to selling the stockholders to market makers, these brokers also charge between 0.25% and 0.50% to convert the currency, but they do not show that on the customer's statement. Our commissions all-in are less than 1/3 of what DEGIRO charges for a U.S. stock execution and we are about to begin advertising that all over Europe.
这特别具有欺骗性，因为除了把客户订单出售给做市商之外，这些券商还在货币兑换中收取 0.25% 到 0.5% 的费用，但这些费用并不体现在客户账单上。我们的总佣金费用不到 DEGIRO 处理一笔美股交易费用的三分之一，我们即将在整个欧洲开始宣传这一点。
Karen Snow Nasdaq, Inc.
That's great. So on the technology, you had mentioned earlier that one of your competitive advantage is really the level of automation on your platform and introducing new products. Can you talk a little bit about what makes Interactive Brokers unique from that perspective, and why other brokers can't do what you're doing?
太好了。关于技术方面，你之前提到过你们的竞争优势之一是平台的高度自动化和持续推出新产品的能力。你能具体谈谈从这个角度看，是什么让 Interactive Brokers 与众不同？为什么其他券商无法复制你们的做法？
Thomas Peterffy Founder & Chairman
So it is unique because the company was built by engineers building software for the past 44 years. The firm is basically a giant amalgamation of integrated software that 1.6 million of our customers and 2,400 of our employees continuously interact with. I'm sure that soon all businesses will look like this and work this way.
之所以独特，是因为这家公司过去 44 年是由工程师通过编写软件一步步搭建起来的。整个公司实际上就是一个庞大的集成软件系统，全球 160 万客户和我们 2,400 名员工每天都在与它互动。我相信未来所有公司最终都会变成这个样子、以这种方式运作。
I think those who start building the business by automating in the center and moving outward from the center have an advantage over those who take a conventionally running business and try to start automating from the periphery moving towards the center. That never seems to work out.
我认为，那些从“中心”开始构建自动化系统，然后向外扩展的公司，比那些从传统模式出发、试图从外围往中心推进自动化的公司更具优势。后一种方式几乎从未真正成功过。
We are building on a software skeleton, on a software net, that has been spreading over the globe for over 3 decades. We have our offices in Greenwich, Connecticut. And we were connected to all the electronic exchanges around the world as market makers. About 27 years ago, we started to add brokerage customers and regional offices to this network, and it's been gradually growing ever since.
我们是基于一个软件骨架、一个全球范围内铺开的软件网络在不断扩展的。我们的总部在康涅狄格州的 Greenwich，最初我们作为做市商连接到全球所有的电子交易所。大约在 27 年前，我们开始把经纪客户和区域办公室接入这个网络，从那以后一直在持续扩张。
We shut down the market making side about 8 years ago. And since that time, our focus has been fully on brokerage. As we keep adding exchanges and products and branches and customers, the network, with all its tentacles, just keeps becoming ever denser, growing just a bit faster every year.
我们大约在 8 年前关闭了做市业务，从那时起就将全部重心放在经纪业务上。随着我们不断增加交易所、产品、分支机构和客户，这张网络的触角也越来越密集，每年都在比前一年更快地增长。
Karen Snow Nasdaq, Inc.
That's great. So you've got a wide product offering that other online brokers have not really been able to match. Are you seeing your competitors start to really invest heavily? And then the other question on top of that is, I'd really love for you to talk about your recent launch of the IMPACT app which streamlines ESG investing and puts it in the hands of individuals. If you could talk a little bit about what customers are hoping to attract there and how it's going so far.
很好。你们的产品线非常广泛，这是其他线上券商很难匹配的。你是否看到竞争对手现在开始加大投入？此外，我也非常希望你能介绍一下你们最近推出的 IMPACT 应用，它简化了 ESG 投资并将其交到个人用户手中。你可以讲讲这个产品想吸引的客户群，以及目前市场反响如何吗？
Thomas Peterffy Founder & Chairman
Okay. So we had more products and trading and research tools all the time. We try to provide a better and more rewarding experience to our customers and whatever it takes to make them more successful investors. Our competitors are more focused on their business and revenues and profits, much more than we do. These are things we almost never ever discuss in our management meetings.
好的，我们一直不断增加产品、交易工具和研究工具，目的是为客户提供更好、更有价值的投资体验，不惜一切让他们成为更成功的投资者。我们的竞争对手往往更关注自己的营收和利润，这方面他们比我们更看重。而在我们的管理会议上，这类事情几乎从不被提及。
What we discuss is our list of projects and how we are doing in advancing them. We are focused more on helping our customers generate better returns. I think over coming -- over the coming years, our advantage will widen further because our customers' advantage will widen further.
我们讨论的，是当前项目的列表，以及我们在这些项目推进方面的进展情况。我们更专注于帮助客户获得更好的投资回报。我认为在接下来的几年里，我们的优势会进一步扩大，因为客户的优势也会随之扩大。
So it's -- sorry. So here you had a question about interest rates, but you moved to...
所以……不好意思，你原本有个关于利率的问题，但你现在跳到了……
Karen Snow Nasdaq, Inc.
Yes, about the...
是的，关于……
Thomas Peterffy Founder & Chairman
It's okay. It's okay. I'm going -- I'm just trying to follow the script you sent me some time ago. So no -- crypto -- is that -- you asked crypto and IMPACT app, yes?
没关系，没关系。我只是试着跟着你之前发给我的提纲走。那么是关于——加密货币，对吧？你刚才提的是 crypto 和 IMPACT 应用，对吗？
Karen Snow Nasdaq, Inc.
Yes. Both would be great.
对，两个都讲讲就很好。
Thomas Peterffy Founder & Chairman
Okay. So our crypto users are growing gradually. So far, we have about 30,000 accounts, and we have asked to upgrade for trading crypto. Our basic idea was that many wealthy people would like to have a small portion of their wealth invested in crypto. But when they ask their investment manager to buy some crypto, the manager must tell them that they cannot do it because their platform does not have their product.
好的，我们的加密货币用户数量正在逐步增长。截至目前，大约有 30,000 个账户申请升级以进行加密货币交易。我们的基本想法是，许多富裕人士希望将一小部分财富配置在加密资产上。但当他们请投资经理帮他们购买加密货币时，经理通常只能说无法操作，因为他们所用的平台并不支持这类产品。
So at this moment, Interactive Brokers is the only platform where an advisor can run an integrated portfolio of securities and they include crypto. There was some more coins we are adding in January. And we -- so as far as the availability of crypto around the world, it is available in the United States, in Switzerland, Caymans, several countries in South America, Taiwan, and some other smaller countries. Unfortunately, in Europe and Canada, we are working -- well, we have to work on getting licenses.
目前，Interactive Brokers 是唯一允许投资顾问管理包含加密货币的综合证券投资组合的平台。我们计划在明年一月增加更多币种。至于全球可交易加密货币的地区，目前包括美国、瑞士、开曼群岛、南美一些国家、台湾以及其他一些小国。不幸的是，在欧洲和加拿大我们仍在努力获取相关牌照。
Now the IMPACT app. We are excited about the IMPACT app that we launched about 3 weeks ago. It is a beautifully designed and very easy-to-use investment tool. So I can talk about it, but I think the best thing would be for everybody to download it from the App Store. It takes 30 seconds to download. You go in and you say IMPACT by IBKR, and it immediately downloads. It's a beautiful tool.
接下来是 IMPACT 应用。我们对三周前发布的 IMPACT 应用感到非常兴奋。它设计精美，操作简单，是一个非常好用的投资工具。虽然我可以详细介绍它，但我觉得最好的方式是大家直接去 App Store 下载，30 秒就能完成。只需搜索“IMPACT by IBKR”，马上就可以下载安装。这是一个非常出色的工具。
You can -- it's -- the purpose is for you to put in those things that you care about as far as the physical and the social environment is concerned. And to IMPACT -- to input so there are questions, and you can answer. Do you care about such and such? And yes, no, very much, something like that. And then your portfolio will be graded based upon your preferences.
这个工具的目的，是让你输入你所关心的环境和社会价值议题。IMPACT 会引导你回答一系列问题，比如“你是否在乎某个议题？”你可以选择“在乎、不在乎、非常在乎”之类的选项。然后，它会根据你的偏好为你的投资组合进行打分。
And -- so there are some stocks that violate your values, then you may want to switch those out and the platform points them out and gives you recommendations of how to switch them out for a similar kind of company that conforms to your values. That's the idea of the IMPACT app.
如果你的投资组合中有一些公司违背了你的价值观，系统会标注出来，并推荐可以替换的、类似但更符合你价值观的企业。这就是 IMPACT 应用的核心理念。
As far as global analyst is concerned that we have introduced just 2 days ago, it gives our customers the ability to look at a bunch of stocks trading in different currencies on 1 page, in 1 currency, currency of your choice. You can pick them in 27 currencies. Now you can compare these stocks based on the fundamental metrics and ratios and trade all those stocks on 1 screen, in 1 account, in 1 currency. That is -- nobody else has anything like that.
至于我们两天前刚推出的“全球分析师”工具，它可以让客户在一页上、用一种你自己选择的货币来查看多个不同货币计价的股票。用户可选择 27 种货币来统一查看。你可以在一个界面上用统一的基础财务指标来比较这些股票，并在一个账户中、以同一种货币对这些股票进行交易。这个功能——目前没有任何其他平台具备。
Karen Snow Nasdaq, Inc.
Yes. It's awesome. I can't wait to check it out myself, and I know my kids are going to find it really interesting as well. So let's talk a little bit about rates, which I think are likely to be rising soon, it looks like. How does that impact Interactive Brokers?
太棒了。我迫不及待地想亲自试一试，我知道我孩子们也一定会觉得这很有趣。那我们来谈谈利率吧，看起来利率可能很快会上升。这会对 Interactive Brokers 产生什么影响吗？
Thomas Peterffy Founder & Chairman
So it basically doesn't impact us. We just -- we want to make sure that we always offer the lowest margin rate. Our margin rates all operate 1% over the Fed fund rates. And that's important to us that people know, all over the world, that when they come to us, they get lower margin than they get anywhere else.
实际上，这对我们几乎没有影响。我们只是确保始终提供最低的融资利率。我们的融资利率通常是在美联储基准利率基础上加 1%。对我们而言，重要的是让全球客户都知道，只要他们选择我们，就能获得比其他地方更低的融资成本。
Second, we are always investing our customer assets in short-term treasures because we want it to be ready to be liquidated any time customers need cash. So we want it to be known that in addition to the over $10 billion plus we have in equity, which is also always available, your money is always -- you can always withdraw it at any time. [indiscernible]
其次，我们一直将客户资产投资于短期国债，因为我们希望这些资产在客户需要资金时可以随时变现。我们希望大家知道，除了我们自有的 100 多亿美元股本（这部分同样随时可用）之外，客户的钱始终是可以随时提取的。[听不清部分]
Karen Snow Nasdaq, Inc.
So can we switch gears a little bit and talk about the PFOF regulation? And what your thoughts are?
那我们换个话题，聊一下 PFOF（订单流支付）监管问题吧？你怎么看？
Thomas Peterffy Founder & Chairman
The PFOF, the payment for order flow, regulation.
你是指订单流支付，也就是 PFOF 监管问题。
Karen Snow Nasdaq, Inc.
Yes. Can you talk a little bit about what you think the outcome of the SEC's focus is on this?
对的。你能谈谈你对美国证券交易委员会（SEC）在这个问题上的关注和可能结果的看法吗？
Thomas Peterffy Founder & Chairman
I don't really know -- I don't really think that there is anything the SEC will do about this other than ask for more disclosure. And depending upon what the disclosure is, that could be very good for us because if people really have to disclose the total cost of executing an order, which is what I would like to see, then we could compare ourselves to other brokers and that advantage should become very apparent.
我不太确定——但我认为 SEC 不太可能采取太多行动，可能只会要求更多披露。而具体披露内容是什么，这点很关键。对我们而言，这反而可能是好事。因为如果真的要求披露订单执行的总成本——这是我一直希望看到的——那么我们就可以与其他券商进行对比，我们的优势将会变得非常明显。
Karen Snow Nasdaq, Inc.
Great. So one last question, and then I'm going to turn it over to Eric, who's fielding questions from the audience. So when you look at your costs and your clearing fees to execute trades, they've decreased significantly this year. What do you attribute that to?
很好。最后一个问题之后我会把时间交给 Eric，由他负责现场观众的提问。那么，贵公司今年的交易执行成本和清算费用显著下降，你认为主要原因是什么？
Thomas Peterffy Founder & Chairman
So option commissions dropped substantially during -- in the last several months. And that is basically because there are new options exchanges who are trying to buy market share. And -- so for example, our commission on a very cheap option is $0.10. Some exchanges will send you a $0.50 rebate if you buy -- if you take a $0.10 option. And -- so an option is listed at $0.05 an option, right, which is really $5 on 100 shares, right? So you can buy that $5 option. You will pay us $0.10, but the exchange will send you $0.40. So if we credit to your account -- $0.50, sorry. We credit that to your account. We don't keep payment for order flow. We pass it on to our customers. So net, you are making $0.50.
期权佣金在过去几个月大幅下降，原因是一些新成立的期权交易所正在通过“买市场份额”的方式参与竞争。举例来说，我们对某些低价期权收取 $0.10 的佣金，但有些交易所如果你交易这个期权，会返还 $0.50 的返利。例如，一份期权的标价是 $0.05，也就是每 100 股总共 $5。你买这个 $5 的期权，我们收你 $0.10 的佣金，但交易所会返还 $0.50（更正，是 $0.50，不是 $0.40）。我们把这部分全部返还给客户，我们不保留订单流支付，所以客户净赚 $0.50。
Now later on, that option is trading at $0.05, [indiscernible] not going to go to $0.10. So after you bought it for $0.05, you're going to sell it for $0.05 at a different exchange. They are going to send you $0.80. So there is a lot of trading of these very cheap options where our customers can gain a net benefit because we pass the payment for order flow to them. So some of this volume is falling. And these exchanges, I don't know how long they can keep this up.
之后这份期权可能仍在 $0.05 交易，不会涨到 $0.10。你以 $0.05 买入后，在另一个交易所以同样价格卖出，那个交易所可能再给你 $0.80 的返利。所以目前有大量此类低价期权交易发生，我们的客户因此受益，因为我们将订单流支付全数返还给他们。但这些交易所能维持这种补贴政策多久，我也不确定，现在这类交易量正在有所下降。
I also have to point out to you that our stock commissions went down by about $0.10 from about $1.60 to $1.50 per order, and that is because the order sizes have decreased by about 20% from the preceding months.
我还想指出，我们的股票交易佣金也从 $1.60 降至 $1.50 每笔，下降了约 $0.10。这主要是因为客户的订单规模比前几个月下降了大约 20%。
Karen Snow Nasdaq, Inc.
That's super helpful. Eric, do you have any questions from the audience?
这信息非常有帮助。Eric，你那边有观众提问吗？
Unknown Attendee
Yes. We have time for one question. And the question was, how should we think about your outlook for revenue per client, annual growth rate, underlying growth drivers?
有的，我们还有时间回答一个问题。问题是：你们如何看待每位客户的收入前景、年增长率以及背后的增长驱动因素？
Thomas Peterffy Founder & Chairman
Revenue per client is about $1,150 a year. Underlying growth rates, I already said that we expect account growth to continue at minimum 30%. What was the other one?
我们每位客户的年收入大约是 $1,150。至于基础增长率，我刚才已经说过，我们预计账户数量将继续以每年至少 30% 的速度增长。刚才还有什么问题来着？
Unknown Attendee
Underlying growth drivers.
增长的核心驱动因素。
Thomas Peterffy Founder & Chairman
Underlying growth drivers are more accounts. And how do we generate more accounts, we keep adding new products and research tools and trading tools and educate our customers and we give them -- provide them with a platform on which they are much, much more likely to be successful than on any other broker's platform. A very simple strategy. We have been on it for many, many years, and we are going to continue to do so.
核心增长动力是更多账户。而我们是如何吸引更多账户的呢？我们不断推出新产品、新的研究和交易工具，对客户进行教育，并为他们提供一个相比其他任何券商都更有可能帮助他们取得成功的平台。这是一个非常简单的策略，我们已经坚持了很多年，并将继续坚持下去。
Unknown Attendee
Thank you, Thomas, for your presentation today.
谢谢你今天的分享，Thomas。
Thomas Peterffy Founder & Chairman
Thank you.
谢谢你。
Karen Snow Nasdaq, Inc.
Yes. It's a very exciting story. Thank you for joining us and thanks to all the investors on the line. Enjoy the rest of the conference.
是的，这是一个非常令人振奋的故事。感谢你今天的参与，也感谢线上所有投资者的关注。祝大家接下来的会议愉快。
Thomas Peterffy Founder & Chairman
Thank you.
谢谢。